"Failing to plan is planning to fail." Winston Churchill.
Planning for Your Children's Future
Whether you have minor or adult children, planning for their future is one of the most important component of an estate plan. Special needs children with mental or physical handicaps require special attention. Parents with minor children must think about who would take care of their children if the worst should happen. Leaving an estate to productive adult children even raises unexpected legal issues. Most urgently, children with drug and alcohol dependencies require delicate and careful planning.
Planning Against Creditor and Predators
Estate Planning is more than just creating a Revocable Living Trust document. Proper planning can afford your surviving spouse and children substantial asset protection against creditors and predators upon your passing. Proper planning can enable your surviving spouse and children to enjoy the estate left for them without the fear of frivolous lawsuits and creditors. Proper planning can protect your adult children from bad marriages, especially in a community property state like California.
Planning to Eliminate or Minimize Taxes.
Unfortunately, our government, at all levels, (federal, state and local) have mismanaged our tax dollars and are looking to maximize tax collections. Fortunately, with proper planning, you can minimize, and in many cases, entirely eliminate estate, gift and generation skipping taxes.